AAA Mid-Atlantic: NJ Gas Prices Rise Once Again
Motorists continue to see higher prices at the pumps in New Jersey.
AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.63, up a penny from last week. That’s also much higher than it was a year ago, when motorists were paying $3.39.
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Meanwhile, the national average price rose 7 cents and is now $3.83. That’s also much higher than the national average from a year ago, which was $3.55.
The price boost marks the fifteenth straight week that gas prices have risen in New Jersey.
Analysts say the rising prices are mostly due to continuing tensions in the Middle East, along with the rising U.S. dollar and continued signs of an improving U.S. economy.
AAA expects the rise in prices to continue into April and May peaking as high as $4.25 nationally before retreating. The gas price peak could come as soon as late-April or early-May, depending primarily on what develops in the crude oil market.
Analysts continue to emphasize that once gas prices do peak, they shouldn’t stay at such levels for very long. In fact, many believe prices will retreat throughout the second half of the year.
(Copyright 2012 by The Associated Press. All Rights Reserved.)